One of downtown Cincinnati’s most high-profile real estate developments has become entangled in myriad questions that threaten to further stall the project’s progress.

Officially, Indianapolis-based Flaherty & Collins Properties has an agreement with the city to raze the Pogue’s Garage at Fourth and Race streets and build a $97 million high-rise with luxury apartments, a grocery store and 1,000 parking spaces.

Flaherty had expected the Pogue’s demolition to start about June 1. But the developer still hasn’t obtained the federal New Market Tax Credits it needs to build, and City Council has yet to approve property tax abatements to make the deal work.

Mayor John Cranley also is balking at a deal made by the previous city administration to provide a $12 million forgiveable loan to Flaherty. Cranley says it’s too rich, and he is pushing for changes to the deal.

Paragon Salon, meanwhile, is continuing to cut and style hair on the second floor of the Pogue’s building, the only tenant left in the 45-year-old garage.

The city has served notice to evict Paragon, which contends it has a lease good through the end of 2017.

All these issues came to a head in a private meeting Thursday attended by Flaherty representatives, Cranley, other city officials, 3CDC chief executive Stephen Leeper and others.

In a meeting that at times was testy, attendees discussed what it would take to develop the site that could add 400 residents Downtown.

Nobody expects the project to start in less than 10 days. Flaherty & Collins should know whether its project is in line for federal tax credits within the next few months. Without the tax credits or assistance to replace them, the project size would likely shrink.

The deal in place calls for razing the garage and skywalk connecting it to the former Tower Place Mall and then building a 30-story tower with 300 high-end apartments, a grocery store and garage.

“We are working with the developer to try to find a deal that works, and I’m optimistic that we’ll get there,” Jeff McElravy, director of the city’s Department of Trade & Development, said Friday. ■